Applicant Tracking System (ATS) Market predicts rise in demand by 2025
Collection, data mining, and ability to automate the overall recruitment processes are factors expected to drive the market growth Considerable amount of time and efforts can be saved through implementation of ATS in organizations. These software help in better identification of candidates, through running an extensive automated search algorithms to suit the job profiles. Conventional software were primarily used to store, manage, and track resumes, which have considerably evolved with the growing next generation requirements. Trends such as use of mobile devices for job applications, video interviewing, candidate relationship management, and applying analytics for candidate sourcing in conjunction with conventional applicant tracking are expected to bolster the ATS market growth through the forecast period.
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Applicant tracking system (ATS) enables electronic handling of staffing requirements by collecting and storing resumes. Depending on the requirement of organizations, these can be accessed online or implemented on enterprise, or can be obtained freely and are sometimes open sourced. Ability of these systems to track massive workloads, reduce the requirement of manual workforce, and reduce the overall enterprise expenses is among the major factors influencing growth of the market.
Social media integration and capability to detect passive potential candidates are expected to bolster the applicant tracking system market growth
Social media integration in ATS helps in increasing the probability of finding the suitable candidate, owing to increased viewership, expansion of referral networks through mutual sharing of job openings. Inadvertently this also leads to huge data traffic, which can be easily handled through utilization of the software. Pertinent information such as employment history, educational qualifications, and employment status can be easily retrieved through the candidate’s profile data. Moreover, social media integration also enables easy access through mobile platforms. Some e-recruiting solutions are also featured with applications such as sending text messages to applicants, provide updates, request necessary information, and schedule interviews. Additionally, its application also includes detection of potential passive candidates and assisting the recruiter by adding the candidate into the employer’s online community to strategically market the employer’s brand.
Automatic elimination of resumes created in unusual or different formats is expected to be the major problem of the software
Applicant tracking system operation has certain functional drawbacks that includes lack of detection of potential candidates if the profile description is mentioned in different formats. Moreover, the detection capability of these systems is limited in pdf formats and lack in most of the graphical formats. This is expected to present as a major challenge for the market growth over the forecast period.
Cloud segment dominated the industry applicant tracking system in terms of market share
Around 85% of the ATS market was dominated by the cloud segment, also known as SaaS based service. Primary advantage of the solutions include provision of access to any user involved in the hiring processes and no requirement of addressing or managing the infrastructural problems. In conjunction with these advantages, low cost and increasing utilization of public, private and hybrid cloud applications, specifically in the U.S., Western Europe, and emerging economies in Asia Pacific that includes China, India, and Indonesia are expected to significantly affect growth of the market over the forecast period.
Introduction of enhanced functionality and lower discrepancies to enhance high usability are expected to be part of the chief growth strategies of ATS providers over the next few years. For instance, in June 2017, RecruitBPM introduced its next generation ATS and CRM software with few advancements to fit the needs of employment and staffing firms. Major industry participants include ApplicantStack, Greenhouse Software, Lumesse, Hyrell, iCIMS, Workable, Bullhorn, IBM Kenexa, ClearCompany, SAP SuccessFactors, Findly, JobDiva, Oracle Taleo, Newton Software, Cornerstone OnDemand, Lever, and Workday.
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